Amendments to the Regulations of Canon VIII – General Synod Pension Plan
https://archives.anglican.ca/link/official9761
- Date
- 2010 June 3-11
- Source
- General Synod. Minutes
- Type
- Act 49
- Seconder
- The Ven. Ronald Harrison
- Text of motion
- That this General Synod approve the amendments to the Regulations of Canon VIII as approved by the Council of General Synod by deleting the underlined portions and adding the bold portions as shown on the attached copy of the Regulations.
- CARRIED Act 49
- Notes
- The text of the amendments to the Regulations of Canon VIII, presented as Appendix A to the resolution, follows:
- Underline indicates deletion, bold indicates addition [In electronic database bold indicated by pointed brackets i.e. <> and underline indicated by curly brackets i.e. {}]
- REGULATION 1 – DEFINITIONS
- 1.9(b)(i) has been continuous for a period of at least {three} years, or
- REGULATION 3 - CONTRIBUTIONS
- 3.1 The Contributions required from each Participating Employer shall be as follows for all Members in Active Service:
- - i) Effective January 1, 2004: 10% of Salary
- - ii) Effective January 1, 2005: 8.3% of Salary
- - iii) Effective January 1, 2006: 9.0% of Salary
- - iv) Effective January 1, 2007: 10% of Salary
- <- v) Effective January 1, 2010: 11.2% of Salary>
- <- vi) Effective January 1, 2011: 12.4% of Salary>
- 3.4 Notwithstanding the foregoing, no Contributions shall be made in respect of a Member after the December 31 coincident with or next following the Member's attainment of the age of {sixty nine} years .
- REGULATION 4 - RETIREMENT
- 4.3 A Member who continues in Active Service, , subsequent to the Member's Normal Retirement Date shall receive a Pension calculated in accordance with Regulation 5.3 accruing on the first day of the month following the Member's retirement date. For purposes of the Plan, the Member's retirement date must be no later than the December 31st coincident with or next following the Member's attainment of the age of {sixty nine} years .
- REGULATION 5 – RETIREMENT BENEFIT
- 5.1(b) for Years of Contributory Membership after December 31, 1960, percentages of Salary in accordance with the following table:
- 1961 to 1972 - 1.5%
- 1973 to 1975 - 1.6%
- 1976 to 1978 - 1.7%
- 1979 to 1980 - 1.8%
- 1981 to 1982 - 1.85%
- 1983 to 1996 - 1.9%
- 1997 to {2011} <2009> - 2.0%
- {2012} <2010> and later - {1.9%}- <1.8%>
- REGULATION 7 – LUMP SUM DEATH BENEFIT
- 7.1 {Death of a Member in Active Service}
- {On the death of a Member in Active Service,}
- {- (a) if a surviving Partner‘s allowance is payable pursuant to Regulation 8, no lump sum benefit is payable except as provided under section 1(d) of this Regulation;}
- {- (b) if no surviving Partner‘s allowance is payable pursuant to Regulation 8, the Member's beneficiary shall receive a lump sum benefit equal to the greater of:}
- {-- (i) the Member's Contributions pursuant to Regulation 3.2 together with Interest; or}
- {-- (ii) the commuted value of the benefit accrued by the Member after December 31, 1986;}
- {- (c) if the Member has not had at least five years of Contributory Membership, the Member's beneficiary shall receive a lump sum benefit equal to the greater of:}
- {-- i) the Member's Contributions pursuant to Regulation 3.2 together with Interest; or}
- {-- (ii) the commuted value of the benefit accrued by the Member after December 31, 1986.}
- {- (d) where the deceased Member has a Partner at the time of the Member's death the Partner may elect to receive the commuted value of the benefit accrued by the Member after December 31, 1986 as a lump sum benefit, or in the form of an immediate or deferred annuity having the same commuted value, in which case any other benefits payable to the Partner under the Plan shall be reduced by an amount having the same commuted value.}
- <1. Death of a Member in Active Service>
- <- (a) On the death of a Member in Active Service, the Member's Partner, or beneficiary if there is no Partner, is entitled to receive a lump sum payment equal to the commuted value of the benefit accrued by the Member to the date of death.>
- <- (b) In lieu of the lump sum payment described above, the Member's Partner may elect to receive:>
- <--(i) an immediate annuity in accordance with Regulation 8.1(a) plus a lump sum payment, if any, in accordance with Regulation 8.1(b); or>
- <--(ii) an immediate annuity whose commuted value is equal to the lump sum death benefit under Regulation 7.1(a); or>
- --(iii) a deferred annuity whose commuted value is equal to the lump sum death benefit under Regulation 7.1(a).>
- REGULATION 8 - SURVIVING PARTNER'S ALLOWANCE
- 8.1. Death of a Member in Active Service
- - {a) On the death of a Member in Active Service who had at least five years of contributory membership, the surviving Partner of the Member shall may elect to receive a surviving Partner's allowance equal to 60% of the Pension accrued by the Member to date pursuant to Regulation 5.1.
- <- (b) If the surviving Partner elects to receive a surviving Partner's allowance under this Regulation 8.1(a), then the lump sum benefit payable under Regulation 7.1(a) shall be reduced by the commuted value of the benefit payable under this Regulation 8.1(a).>
- REGULATION 15 - GENERAL PROVISIONS
- 15.10 {Solvency}
- In the event that the Contributions payable pursuant to Regulation 3 are insufficient {maintain the solvency of the Plan} in accordance with {the requirements of the Pension Benefits Act, 1987 (Ontario) and regulations thereunder}, the Plan shall be amended to restore the {solvency thereof} .
- {15.11. Transfer}
- {- (a) A Member on entering the Plan may transfer into the Pension Fund monies from a pension plan of the Member's previous employer and there shall be credited to the Member such additional amount of Pension as may be determined by the Trustees on the advice of the Actuary.}
- {- (b) A Member may, subject to Applicable Pension Legislation, transfer into the Pension Fund monies from a registered retirement savings plan of the Member. Such monies may be applied either:}
- {-- (i) to credit to the Member such additional amount of Pension as may be determined by the Trustees on the advice of the Actuary; or}
- {-- (ii) as additional voluntary contributions pursuant to Regulation 14}
- REGULATION 17 - AMENDMENTS AND TERMINATION OF THE PLAN
- 17.1.(a) where the amendment is made pursuant to Regulation 15.10 in order to restore the {solvency of the Plan} or
- <17.3 On full or partial termination of the Plan and subject to Applicable Pension Legislation, the provisions under Section 2 of Regulation 5 do not apply and are replaced with the following:>
- SCHEDULE A - BONUS ADDITIONS TO ACCRUED PENSIONS
- 1.(b) for Years of Contributory Membership after December 31, 1960, percentages of Salary in accordance with the following table:
- {2012} <2010> and later - {1.9%} - <1.8%>
- <8. The amount determined as of December 31, 2006 in accordance with Regulation 5.1 with respect to a Member in Active Service as of July 1, 2007 shall be increased by 4.5%.>
- Subjects
- Anglican Church of Canada. General Synod. Constitution. Canon VIII
- Pensions - Anglican Church of Canada - Regulations